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According to on-chain data, a dormant Bitcoin wallet that has remained untouched for over a decade has suddenly come to life.

Blockchain data tracker Whale Alert reported that "a dormant address containing 150 BTC ($9,831,428) has just been activated after 10.5 years."

This activation adds to a growing trend of ancient Bitcoin wallets reawakening in recent weeks, sparking curiosity and speculation within the crypto community.

Dormant wallets, especially those holding large amounts of Bitcoin, are often tied to early adopters or miners who acquired or mined BTC at a time when the cryptocurrency was worth just a fraction of its current price.

While the identity of the wallet’s owner remains unknown, the awakening of such dormant addresses often fuels speculation. Some wonder if these long-term holders are cashing out, preparing to sell, or moving their assets to more secure locations in response to broader market movements.

The recent surge in dormant wallet activity highlights the massive gains early Bitcoin holders have achieved: What was once a little sum has now become a fortune. As more ancient whales reenter the market, their movements will likely continue to be closely monitored in the days ahead.

Bitcoin price action

At the time of writing, BTC was up 0.48% in the previous 24 hours to $65,806. Bitcoin reached a high of $66,550 on Friday, its highest amount since early August.

Bitcoin is up 56% in 2024, aided by inflows into U.S. Bitcoin exchange-traded funds, but remains behind the March record of $73,798. BTC has increased by nearly 11.31% this month, compared to an average 5.9% fall in September over the last decade.

The largest cryptocurrency by market capitalization is on track for one of its best September increases as a global wave of interest-rate cuts, led by the U.S. Federal Reserve, helps it break a seasonal jinx.